We are looking to start BRRRR investing in Canada but are unsure of markets outside of our very expensive hometown of Calgary. We have seen a few properties outside of Montreal and a couple on the East Coast that fit our criteria but are looking for a second opinion on where others are able to find good BRRRR properties within Canada. Also, if you have any recommendations for an agent or property manager in that area we would greatly appreciate your advice as a starting place.
If you have never completed a BRRRR before, it may be in your best interest to keep things local. With this type of strategy, here are so many instances along the way that can go wrong, delay, and cost much more than anticipated. The market in Alberta is still pretty "soft" and if you put the extra effort/money into creating a secondary suite, the returns can certainly be in your favor. I am in Red Deer, but I believe Lethbridge has much more stable economy and has comparable properties that would work with the BRRRR strategy. Both cities certainly have lower property values than Calgary so it makes for an easier entry. Keep in mind though, it still may be a challenge going through a BRRRR in a city only 2 hours away. It's a challenge for me in Red Deer .....I'm a contractor and I'm only 10 minuites from my properties lol. Cheers.
@Sara Mathieu I like Fairview and acadia. Must get a cheap house though to make it work and do a full gut basement with new window cut outs and plumbing for a bathroom. Alternatively I like inner city for new purpose built rentals, but this is a cash heavy strategy.
Has anyone looked seriously at "small-town" Alberta for BRRRR? I'm thinking "college" towns like Olds, Vermillion, Three Hills, St. Paul etc... where you can get properties under $200k yet would have relatively stable long term rental markets because of students.